Charity registration number: 900638 The St Dennis Band Charitable Incorporated Organisation Trustees, Annual Report and Financial Ststements for the Year Ended 31 December 2022 T A41.Ntyl ALCOUNTA?gTS The St Dennis Band 900638 Contents Reference and Administrative Details. Strategic Report for the Year Ended 31 December 2022........................................................................ Trustees, Report...................................................................................................................................... Independent Examinerfs Report to the trustees of St Dennis Band....................................................... Statement of Financial Activities for the Year Ended 31 December 2022.............................................. Income . Expenditure.. Balance Sheet as at 31 December 2022....... -10 Specific Notes to the Accounts............................................................................................................. 11 Note l- Surplus / Deficit in bar income in 2022. .11 Note 2- Surplus on 100 club income in 2022................................................................................... 11 Note 3 - Trustee remuneration and benefits.............................................................................. 11 Note 4- Accrual................................................................................................................................. 11 Note 5 - Tangible Fixed Assets............................-............................................................................. 11 Note 6- The running balance of funds . -13 Note 7 - Taxation & charitsble status............................................................................................... 13 Note 8- Accounting policies. -13 Note 9 - Summary of significant accounting policies and key accounting estimates....................... 13 Note 10- Financial instruments.......................................-..-............................................................. 15 Page Number 2 The St Dennis Band 900638 Reference and Administrative Details President Vice Presidents Mrs J Mitchell Mr P Blake Mr R Richards Mr NE Chadd Mr P Bazeley Mr C Whitford Trustees Mr P Willcock Other Officers Mrs C Dowrick Mr N Chadd Mrs C Mackenzie Mrs J Joy Mr A Julian Mr L Bazeley Mrs L Trethewey Mr D R Hawken (non-voting) Mr T Sleeman Mr S Allen Mr N Pascoe Miss R Richards Miss E Sleeman Mrs J Dobson Mr D Dobson Principle Address Park Head, Hendra Road, St Dennis, PL26 8EQ Charity Reg. No. 900638 Independent Examiner Samantha Perkin FMAAT A Zamu, Health & Wellbeing Innovation Centre, Treliske, Truro, TRI 3FF Barclays Bank, 10 Church Street, st Austell, PL25 4AS Bankers Page Number 3 The St Dennis Band 900638 Strategic Report for the Year Ended 31 December 2022 The trustees are required to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing these financial ststements, the trustees are required to: Select suitsble accounting policies and then apply them consistently Make judgements and estimates that are reasonable and prudent state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements Prepare the financial statements on the on4Joing concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible ft)r k￿pIng accounting records which disclo* with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Cat 2011. They are also responsible for safeguarding the assets of the charity and hence tsking reasonable steps for the prevention and detettion of fraud and other irregularities. The strategic report was approved by the trustees of the charity on and signed on its behalf by: Mr P Bazeley Mr P Willcock Mr C Whitford Page NuM￿r 4 The St Dennis Band 900638 Trustees, Report The trustees present the annual report together with the financial statements of the charitable company for the year ended 31 December 2022. Objectives and activities Objects and alms The objetts of the charity are primarily to advance public education in brass band music, in particular by encouraging music training and the giving musical programmes in public. Publlc benefit The charity has undertaken a variety of workshops, training courses, and demonstrations. The charity has given musical performances at a variety of events to promote Brass band music. The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Structurei governance, and management Financial instruments Objectives andpolicies The charity's attivities expose it to a number of financ5al risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes. Cash flow rlsk The charity s attivities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows. Credit risk The charity's principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity's credit risk is primarily attributable to its trade receivables. The amounts presented in the balan￿ sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit- ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Page Number 5 The St Dennis Band 900638 Liquidity risk In order to maintain liquidity to ensure that sufFicient funds are available for ongoing operations and futu￿ developments, the charity uses a mixture of long-term and short- term debt finance. Further details regarding liquidity risk can be found in the ststement of accounting policies in the financial ststements. Employment of disabled persons The charity actively supports all sectors of society as volunteers. The annual ￿port was approved by the trustees of the charity on and signed on its behalf by: Mr P Bazeley Mr P Willcock Mr C Whitford Page Numter 6 The St Dennis Band 900638 Independent Examiner's Report to the trustees of St Dennis Band I re￿rt on the accounts of the charity for the year ended 31 December 2022 which are set out on pages 8,9,10. Respectlve responsibilities of trustees and examiner The trLtstees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charittes Act 2011 (the 2011 Act) and that an Inde￿ndent examination is needed. Having satisfied myself that the charity is not subject to audit under (Dmpany law and is eligible for indeFendent examinatlon, It is my responsibility to.. examine the accounts under section 145 of the 2011 Act; to follow the procedures lald down In the general Directions given by the Charlty Commission under section 145(5)(b) of the 2011 Act; and to state whether particular matters have come to my attentlon. Basls of Independent examinerfs report My examination was Ca￿led out in accordance with the general Directions given by the Charlty Commission. An examination includes a review of the accounting record5 kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustee5 Con￿rning any such matters. The procedures undertaken do not provide all the eviden￿ that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'tnJe and fair view, and the rep)rt is limited to those matters set out in the statement below. Independent examiner's st*ment In connection with my examinat￿￿n, no matter ha5 come to my attention: (l)which gives me reasonab￿ cause to believe that in any material respect the requlrements: to keep accounting records in accordance with sertion 386 of the Companies Act 2006,. and to prepare accounts which accord with the accounting records, comply with the accounting r4uirements of section 396 of the Companies Act 2006 and with the methods and principles of the Ststement of Recommended Practi￿.. Accounting and Rewrting by Charities have not been met; or (2)to which, In my opinion, atterbtlon should be drawn in order to enable a prokEr understanding of the accounts to be reached. S J Perkin Samantha Perkin FMAAT A Independent Examiner AAT 2711012024 Page Number 7 The St Dennis Band 900638 Statement of Financial Attivities for the Year Ended 31 December 2022 Income Unrestricted funds Restricted funds Total Total Note 2022 021 Income and Endowments from: Donations 5,660.00 5 660.00 Sponsorship 1,578. Grants 3,200.00 3 200.00 2,900. Charitable Activities Engagements 245.00 245.00 Senior band 7,379.88 7 379.88 4,633. Senior Fundraising 5,151.25 5 151.25 2,876. Travelling Income Income on 100 club functions Income from Social club 4,553.00 2,810.00 2,810.00 2,815. 8,281.70 8,281.70 11,437. Contest prize money 1,225.00 1225.00 Youth fundraising 350.00 350.00 330. Youth Band subs 1,554.75 1554.75 259. Totsl Income 40,410.58 40 410.58 26,831.3 Page Number 8 The St Dennis Band 900638 Expenditure Unrestricted funds Restricted funds Total Total Note 2022 2021 Instrument maintenance 118.00 118.00 96.5 Music 546.73 546.73 184.3 Uniform 402.81 402.81 Musical Director 8 765.00 8 765.00 Youth Band Tutor 1775.00 1775.00 790.0 Other Conduttors 771.50 771.50 Dues & regulations 736.47 736.47 564.8 Engagement Costs 652.84 652.84 423.8 Competition Costs 15 545.35 15 545.35 100 club winnings 640.00 640.00 760.0 Insurance 669.00 669.00 629.0 Clerical Expenses 544.30 544.30 Trophies & Engraving 164.9 Miscellaneous 77.85 77.85 434.1 Accountancy Accrual 888.00 888.00 888.0 Depreciation 10 9 748.42 9 748.42 Social Club ex enditure 8 118.43 8118.43 Revenue Expenditure 49 999.70 49 999.70 19 606.6 Page Numter 9 The St Dennis Band 900638 Balance Sheet as at 31 December 2022 2022 Note 2021 Fixed assets Tan ible assets Current assets 82 176.89 89 439.59 Cash at bank Cash in hand 30,893.40 1,064.27 31957.67 35 383.09 206.31 35 589.40 Creditors: Amounts falling due within one year Net current assets Net assets Funds of the cha Restricted funds Unrestricted funds Totsl funds 888.00 888.00 31,069.67 113,246.56 34,701.40 124 140.99 113 246.56 113,246.56 122,835.68 122,835.68 The financial statements on pages 9 to 13 were approved by the trustees, and authorised for issue on and signed on their behalf by: Mr P Bazeley Mr P Willcock Mr C Whitford Page Number 10 The St Dennis Band 900638 Specific Notes to the Accounts Note l - Surplus / Deficit in bar income in 2022 Income from Bar £8,281.70 Expenditure from Bar £8,118.43 Surplus from bar £163.27 Details of expenditure Water rates Electric Repairs Council Tax Community First TR Cost of Sales £64.92 £1,042 £887.20 £235.36 £861.03 £4,937.92 Note 2 - Surplus on 100 club income in 2022 Income from 100 club £2,810 Prizes to 100 club £640 Surplus created £2,170 Note 3 - Trustee remuneration and benefits There We￿ no trustees, remuneration or other benefits, beyond the allowable travel expenses according to HMRC rates for the year ended 31 De￿rnber 2022 nor for the year ended 31 December 2021. Note 4 - Accrual The provision for accountancy fees in the current year is £888. This is the totsl fee of £740 fee and £144 for VAT. Last year provision was paid for the corrett amount and this year's provision is the same as no increase in bill due. Note 5 - Tangible Fixed Assets Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected u*ful economic life as follow5: Depreciation method and rate 10 % Straight Line 10 % Straight Line 10 % Straight Line Asset class Instruments Uniforms Furniture & Portacabin The f￿ehOld property is the band room. No depreciation is charged on this as it is maintsined in g¢)od condition and it is believed to have a residual value not materially different from the carrying amount of the propety Page Number 11 The St Dennis Band 900638 Freehold Property Furniture Instruments Uniform Total ortacabin As At 31 December 2021 70 041.00 84,285.16 11,802.07 8,385.48 174,513 71 Additions 1088.72 1,397.00 2,485 72 Disposals As At 31 December 2022 71 129.72 85,682.16 11,802.07 8,385.48 176,999. Depreciation As At 31 December 2021 Char ein ear 67 544.32 8 568.22 85,074. 12 1180.21 0.00 Eliminated on disposal A5 At 31 December 2022 76,112.54 10,324.53 94,822. Net Book Value As At 31 December 2021 70,041.00 16,740.84 9,569.62 2,657.75 0.00 89,439. 82,176. As At 31 December 2022 71 129.72 1477.54 Depreciation Outgoing resources include Depreciation of fixed assets 2022 2021 9,748.42 9,675.11 Page Number 12 The St Dennis Band 900638 Note 6 - The running balance of funds Unrestricted Funds 122 835.68 Restricted funds Total 122 835.68 enin Balance Income 40 410.58 40 410.58 Out oin Closin 49 999.70 113 246.56 49 999.70 113 246.56 Balance Fund strutture Unrestritted income funds are general funds that are available for use at the trustees, discretion in furtheran￿ of the objettives of the charity. Restritted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Note 7 - Taxation & charitsble status The charity is a Charitable Incorporated Organisation and consequen1Jy does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation. The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Att 2010 and therefore it meets the definition of a charitsble company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Att 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Note 8 - Accounting policies There have been No changes in accounting policies, so all comparatives are included. Note 9 - Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years pre*nted, unless otherwise stated. Statement of compliance The financial statements have been p￿pared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) (Charities Page Number 13 The St Dennis Band 900638 SORP (FRS 102)), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The comparisons have had no adjustment made for the FRS102 stsndard and are shown for illustrative purposes only. Basis of preparation The St Dennis Band meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recogni*d at historical cost or transattion value unless otherwise stated in the ￿levant accounting policy notes. Going concern The trustees consider that there are no material Un￿rtaIntieS about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of as*ts held by the charity. Exemption from preparing a cash flow ststement The charity opted to early adopt Bulletin I published on 2 February 2016 and have the￿fOre not included a cash flow ststsment in these financial statements. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of the income receivable can be measured reliably. Donations and legacies Donations are recognised when the charty has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity befo￿ the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income tt) be released. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be Page Numker 14 The St Dennis Band 900638 allocated directly to such attivities and those costs of an indirett nature necessary to support them, Governance costs & Management Costs These include the costs attributable to the charity's compliance with constitutional and statutory reqU1￿Ments, including audit, strategic management and trustees, meetings and reimbursed expenses. For the purpo*s of clarity, we have included in here the costs of the ofFice and associated costs. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortlsed cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collett all amounts due according to the original tems of the re￿1vableS. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short- term highly liquid investments that are readily convertible to a known amount of cash and are subjett to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the porting period, to defer settlement of the creditor for at least ￿e1ve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the ￿porting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective Inte￿$t method. Note 10 - Financial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contrattual arrangements entered into. An equity instrument is any contract that Page Number 15 The St Dennis Band 900638 evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognition and measurement All financial assets and liabilities are initially measured at transaction pri￿ (including transartion costs), except for tho* financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transattion price excluding transaction c05ts), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transattion, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only oftset in the ststement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contrattual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another paty substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another paty. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Debt instruments Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effettive interest method: (a) The contractual return to the holder is (i) a fixed amount; (li) a positive fixed rate or a positive variable rate. or (iii) a combination of a positive or a negative fixed rate and a positive variable rate. (b) The contratt may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged. (c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (l) a change of a contrattual variable rate; (2) to protect the holder against credit deterioration of the issuer. (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (li) the new rate is a market rate of interest and satisfies condition (a). Page Numter 16 The St Dennis Band 900638 (d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods. (e) Contrattual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law. (B Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c). Debt instruments that a￿ classified a5 payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expetted to be paid or received, net of impairment. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment. Investments Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded, or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured ￿lIablY, investments a￿ measured at cost less impairment. Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignO￿d. Derivative financial instruments The charfty uses derivative financial Instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purpo*s. Derivatives are initially recognised at fair value at the date a derivative contract is entered and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial attivities depends on the nature of the hedge ￿latIOnshIp. Page Number 17 The St Dennis Band 900638 Fair value measurement The best evldence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the pri￿ of a recent transaction for an identical asset provides evidence of fair value if there has not been a significant change in economic circumstances or a significant lapse of time since the transartion took place. If the market is not attive and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. Page Number 18